Bitcoin steadies near $75,000 after 11-week low as Nvidia rout weighs
Bitcoin traded at $74,994 after bouncing from an 11-week low near $73,500, while Ether fell 4.28% and NYSE picked Avalanche for tokenized stock settlement.
Live chart · BTCUSD, ETHUSD, XRPUSD, SOLUSDT · TradingView
Bitcoin dipped to an 11-week low near $73,500 before recovering to about $75,000, as an Nvidia-led tech sell-off weighed on crypto. Cointelegraph reports that Bitcoin rebounded as the Nasdaq Composite rallied despite the slide in Nvidia shares.
The new low is the main change since our last recap, when Bitcoin had slipped to $75,060. Prices have since tested lower and come back to roughly the same level.
Bitcoin
Bitcoin traded at $74,994, down 1.1% over 24 hours and 3.21% over seven days, according to CoinGecko. The 24-hour range ran from $73,709 to $75,860. Trading volume was $35.6 billion. Chart: BTC/USD.
Decrypt describes Bitcoin as "in limbo" near $75,000 after a wave of liquidations, even as US stocks rallied on lower oil prices. Cointelegraph also reports that one analyst is weighing a $68,000 target for Bitcoin.
Ether and the majors
Ether fell harder again, down 4.28% to $2,135.36. XRP was the weakest major, losing 4.86% on the day and 12.17% on the week. CoinDesk notes that only five of the top 100 cryptocurrencies were up 1% or more over 24 hours.
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Ether (ETH) | 2,135.36 | -4.28 | -5.89 |
| BNB | 688.65 | -1.18 | -1.76 |
| XRP | 1.098 | -4.86 | -12.17 |
| Solana (SOL) | 86.82 | -3.04 | -6.09 |
| Dogecoin (DOGE) | 0.070267 | -1.45 | -5.73 |
| Cardano (ADA) | 0.179126 | -0.68 | -5.40 |
Market breadth and sentiment
Total crypto market value stood at $2.529 trillion, down 2.98% in 24 hours. Bitcoin dominance was 59.6% and Ether dominance 10.3%.
The Crypto Fear & Greed Index read 29 (Fear), up from 28 a day earlier and 25 (Extreme Fear) on November 7. It remains well below the neutral 50 recorded on November 5.
What moved the market
Avalanche wins NYSE tokenization role
CoinDesk reports that the NYSE picked Avalanche as the core settlement ledger for its planned blockchain stock market. According to Cointelegraph, AVAX rose as much as 10% on the news and led crypto gains.
Corporate buyers keep adding
Cointelegraph reports that Strategy bought 1,036 Bitcoin last week, lifting its holdings to 850,364 BTC. Decrypt adds that the firm sold $284 million of MSTR stock to fund the purchase and a $188 million STRC buyback. Separately, Decrypt says Bitmine added $20 million in Ether, bringing its stash to 6.07 million ETH.
Regulation and the Binance hack
Decrypt reports that Coinbase received final OCC approval for a federal trust bank charter. On the $6.3 billion Binance hack, CoinDesk cites Elliptic as saying North Korean hackers used homemade memecoins to launder stolen funds. Analysts told Cointelegraph they see no broader contagion, citing Binance's pledge to cover user losses.
What to watch next
- US inflation report on Tuesday. Decrypt says it will test bets on a December Fed rate hike. Our sister site covered how strong payrolls lifted yields in the dollar's best day since June.
- MSCI index decisions. Decrypt notes MSCI is days away from naming companies facing index removal, a point it raised alongside Strategy's latest moves.
- Mercado Bitcoin withdrawals. Cointelegraph reports the exchange has begun a phased reopening but has not set a date for withdrawals.
- EU tokenization standards. According to Cointelegraph, applications for an EU industry standards group close November 27.
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.